An in-depth look at the Bureau of Labor Statistics (BLS) January 2022 Job Openings and Labor Turnover Survey (JOLTS), with a focus on construction labor and additional analysis provided by the National Association of Home Builders, reveals that the construction labor market started the year with a rising number of job openings.
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Mortgage Applications Moved Higher in the Week Ending March 4, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 4, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 8.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increase 10.0% compared with the previous week.
Job Openings and Labor Turnover Summary Released for January 2022
On Wednesday (3-9-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for January 2022. According to the JOLTS report, as of the last day in January, the number of job openings were at 11.3 million (a rate of 7.0%). The number of job openings was little changed in all four reporting regions.
Fannie Mae Home Purchase Sentiment Index® Rebounds in February 2022
Fannie Mae on Monday (3-7-22) released its Home Purchase Sentiment Index® (HPSI) for February 2022. The HPSI for February increased by 3.5 points to 75.3 in February. However, affordability constraints continue to drive consumers’ perception of the housing market.
The NFIB’s Small Business Optimism Index Declines for Second Consecutive Month in February 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (3-08-22) that their NFIB Small Business Optimism Index decreased by -1.4 points to a reading of 95.7 in February, the second consecutive month below the 48-year average of 98.
Canadian Residential and Non-Residential Building Permits Declined in January 2022
Statistics Canada (StatsCan) reported today (3-4-22) that the total value of building permits in January dropped by -8.8% to $10.1 billion (CAD). Declines were reported in both the residential and non-residential sectors. On a constant dollar basis (2012=100), the total value of building permits decreased -8.2%.
U.S. Nonfarm Payroll Increases by 678,000 in February; Unemployment Edges Lower to 3.8%
The U.S. Bureau of Labor Statistics (BLS) reported today (3-4-22) that total nonfarm payroll employment increased by 678,000 in February, following increases of 467,000 in January and 199,000 in December. Even with February’s gains, nonfarm payroll employment is still down by -1.4 million, or -1.4%, from its pre-pandemic level in February 2020.
Mortgage Rates Decline for Second Week in a Row in the Week Ending March 3, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point, down from last week when it averaged 3.89%. The 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%.
U.S. Job Cuts Declined While Hiring Increased in February 2022
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S.-based employers announced 15,245 cuts in February 2022. This is a 20% drop from January’s total announced cuts of 19,064. In February, U.S. based employers announced plans to hire 215,127 workers, the highest February total on record.
Weekly Jobless Claims Decline in the Week Ending February 26, 2022
The U.S. Department of Labor is reporting that an additional 215,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 26, 2022. This is a decrease of 18,000 from the previous week’s revised level. The 4-week moving average was 230,500.